. we are apart on big issues. >> with less than two days to go until the fiscal cliff negotiations have hit a major setback. the senate is in session but after 516 days congress has not been able to make a deal. this morning in an exclusive interview president obama said compromise will be a key to making a deal. >> it is very important for republicans in congress to be willing to say we understand we are not going to get 100%. we are willing to compromise in a serious way. >> senate leaders hoped to send a plan right about now. the talks have broken down. listen to what senate leader said on the floor a short while ago. >> now, i'm concerned about the lack of urgency here. i think we all know we are running out of time. this is far too much at stake for political gamesmanship. the consequences of this are too high for the american people to be engaged in a political messaging campaign. i am interested in getting a result here. >> we have been trying to come up with some counteroffer to my friends' proposal. we have been unable to do that. i had have had a conversation with the president and that this stage we are not able to make a counteroffer. >> what happens now? with us is cello o'donnell and
working on a deal this morning to avoid the fiscal cliff, or as chris hayes and i call it, the fiscal curve. the deadline is soft. it's not like every american is going to be handed a bill on january 1st and there's way to manage the damage if the country goes over. the senate is set to convene this afternoon with the house to follow tonight. there's a chance that a compromise will be reached, less than 48 hours before tax rates revert to their clinton dasher are levels and board across the board spending cuts talk effect. when the president took to the podium friday afternoon to urge the law enforcements to get their act together with he didn't exactly project confidence. >> this is deja vu all over again. america wonders why it is that in this town for some reason, you can't get stuff done in an organized timetable. why everything always has to wait until the last minute. we're now at the last minute. and the american people are not going to have any patience for a politically self-inflicted wound to our economy. >> this may be why the president also said that if senate leaders can'
start with you. fiscal cliff. or as the "l.a. times" said, that some people will wake up to a new year's eve hang over. will we have a hangover or a deal on new year's day? >> i do not think we will have a deal, the politics right now, it seems that republicans feel like it's better for them to cut taxes on january 1st or 2nd than to do it you now. i don't think that we will have a deal. >> colin, what type of agreements have to be made for this thing to happen, and do you think it can still happen? >> i think there's a pretty good chance of a deal being worked out because you have four deal makers and what do deal makers do when they sit at the table with the clock running out but make a deal. that is the problem, i don't think that we want a deal. i don't think that the american public wants another deal. we want solutions. a year ago we had a chance with the cut cap and balance and now we are looking at back into this fight. and let's focus on spending not taxes. that is where the problem is. >> there's disagreement over what colin just said, the president seems to be dealing from a position of strength, is he likely to get concessions
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